TLDR Crypto 2026-04-08
Fox to use Kalshi in broadcasts 🦊, Agents become companies🥷, Prediction market depth 🔮
Split Capital Winds Down, Founder Zaheer Ebtikar Joins Plasma as Exec (2 minute read)
Liquid token hedge fund Split Capital is winding down, with founder and CIO Zaheer Ebtikar joining Peter Thiel-backed stablecoin startup Plasma as an executive. Plasma, which raised $24M led by Framework Ventures and Bitfinex, is purpose-built for stablecoins, offering near-instant, fee-free USDT transfers. Ebtikar was an early backer and investor in Plasma before the transition. Split Capital was founded in 2024 by ex-LedgerPrime alumni focused on liquid token investing.
Fox to Integrate Kalshi Prediction Market Data Across News Broadcasts (2 minute read)
Fox Corporation announced it will integrate Kalshi's prediction market data across FOX News Channel, FOX Business Network, FOX Weather, and streaming platform FOX One, with Kalshi working directly with Fox production teams on real-time data visualization for political, economic, weather, and cultural event forecasting. The deal does not currently include Fox Sports programming, though there may be future expansion here. Kalshi said roughly 70% of its visitors use the platform primarily to view forecasts rather than to trade, underscoring the growing role of prediction markets as a mainstream information layer alongside traditional polling and expert opinion.
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Innovation & Launches
CME Group to Launch AVAX and SUI Futures (2 minute read)
CME Group announced it would launch Avalanche (AVAX) and Sui (SUI) futures on May 4 pending regulatory approval. It plans to offer them in standard and micro sizes (5k/500 AVAX and 50k/5k SUI) along with full 24/7 futures and options trading across its entire crypto suite launching May 29.
trade[xyz]: A Revolution In World Finance (6 minute read)
trade[xyz] on Hyperliquid is extending perpetual futures to equities, commodities, and macro instruments, with annualized fees approaching $100M and an official S&P 500 partnership marking it as the category leader in TradFi perps. The protocol demonstrated superior price discovery during the Iran strikes, repricing crude oil markets ahead of official confirmation, while weekend commodity volumes surged 7x to over $1B following Discovery Bounds v2's expansion of allowable price ranges outside market hours. Applying Geoffrey Moore's Gorilla Game framework, trade[xyz] holds dominant positioning but faces threats from VC-backed competitors like Lighter, regional entrants such as edgeX, and potential regulatory pressure from incumbents, including Robinhood. Frontier opportunities include cross-exchange arbitrage, rates trading, and high-yield consumer products incorporating equity and commodity basis, with protocols like Liminal and Ethena already building in this direction.
Hyperliquid: Weekend Price Discovery in 24/7 Markets (6 minute read)
During the Strait of Hormuz conflict, which removed 14 million barrels per day from global markets, the crude oil market on Hyperliquid operated as the sole open venue for oil-linked risk transfer while CME futures closed on weekends. Across 199 symbol-weekend observations, Hyperliquid's final pre-open price came closer to the TradFi reopen than Friday's close in 78.4% of cases, cutting median reopen error from 92.8 to 38.4 basis points with 89.9% directional agreement and an R² of 0.785. On the second weekend, notional volume surged 21.8x to $305.6M across 264K trades, though tail execution degraded even as median spreads held between 3.96 and 4.88 bps. Bounding Bands v2 enables stepwise price discovery by re-anchoring the oracle once a bound hits 90%, expanding the maximum discoverable move from 5% to 15.76% and establishing Hyperliquid as a functional off-hours benchmark during CME closure windows.
The Financialization of Uncertainty (5 minute read)
Prediction markets generated $63.5B in volume in 2025, tripling year-over-year, and Kalshi and Polymarket combined for $52.7B in just the first 86 days of 2026, putting the sector on pace for $223B annualized. Kalshi's markets are a statistically significant improvement over Bloomberg consensus for forecasting headline CPI, providing institutional validation for outcome-based pricing as a legitimate information layer. Sports currently drives roughly 83% of Kalshi's volume and 38% of Polymarket's, a structural tension between current regulatory exposure and the information-infrastructure future embedded in Kalshi's $22B valuation. Robinhood's acquisition of CFTC-licensed MIAXdx and Coinbase's purchase of The Clearing Company signal a vertical integration race from distribution into exchange infrastructure, repositioning distribution as the primary competitive moat over licensing.
Agents Will Become Companies (6 minute read)
AI agents combined with crypto infrastructure can become autonomous companies, software-native from inception, capable of owning assets and accessing global capital rails without human legal proxies. The binding constraint on agent companies is not intelligence but rights. Smart contracts resolve this by allowing programs to hold and administer assets directly, coupling AI cognition to a contractual substrate that can own property and coordinate capital. An agent identity layer extends that control to real digital property, including domains, APIs, payment credentials, and social accounts, making an agent the verifiable operating core of a business. There are two unlocks needed to reach his trillion-dollar asset class projection: expanding software-native capital structures to cover offchain assets, and solving agent continuity so the agent persists as the enduring firm rather than a transient process.
Melee's Parimutuel Model for Prediction Markets (4 minute read)
Melee makes the case for adapting the parimutuel model, originating from 1867 Paris horse racing, to onchain prediction markets, due to two structural properties that order book and AMM-based venues lack: permissionless liquidity from the first dollar and a true peer-to-peer structure with no intermediary holding an informational edge. By contrast, Kalshi and Polymarket depend on professional market makers to quote prices, while sportsbooks take the other side of bets outright, giving those counterparties a structural advantage over retail participants. The raw parimutuel format carries three friction points for continuous markets: no position exit before resolution, vulnerability to late-entry manipulation once outcomes become partially visible, and odds that shift until close rather than reading as real-time probabilities. Melee frames these as engineering problems rather than model failures, arguing the core architecture of pooled liquidity and no intermediaries can be preserved while adding exit mechanisms and real-time price legibility.
Judge prediction markets by depth, not volume (3 minute read)
Total trading volume on platforms like Polymarket and Kalshi is often misleading due to wash trading.
DeFi Vault Yields Are Mispriced for the Level of Risk (2 minute read)
$11.7B sitting in Morpho vaults at 2-4% APY is structurally mispriced.
5 New Chains, $1B+ Raised, $3B TVL, but $2.5M in Fees (1 minute read)
Looking at data from Monad, MegaETH, Plasma, Katana, and Ink, there was ~$1.06B raised across five chains, nearly $3B in combined TVL, but only $2.5M in combined chain fees generated to date, raising pointed questions about the gap between capital raised and actual economic activity.
Bitcoin miners face a new rival for cheap power (3 minute read)
Anthropic partnered with Google and Broadcom for multi-gigawatt TPU capacity starting in 2027.
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